Already half of homes sold in the United States are repossessions. This proportion looks likely to rise.
The London-based Royal Institution of Chartered Surveyors (RICS) says the US would have had the fastest rate of increase in distressed property sales in the world in the first three months of 2010. Specialist property funds are hoovering many of them up in the expectation of selling them for a profit later. They may need to be patient. Rising repossession rates will contribute to US house prices falling 5 per cent in 2010 consultancy, Capital Economics, says.
There is some relief from the misery - The Wealth Report, published by Citi and Knight Frank, says New York has overtaken London to become the world's most successful city based on economic activity, political power, and the role of its media and educational institutions. That must be good news for the Big Apple's housing market.
http://globalpropertynews.blogspot.com
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